A. Cities and towns with a population of more than sixty thousand persons according to the most recent United States decennial census may appropriate annually from the general fund an amount not to exceed two-tenths of one per cent of the assessed valuation of the city or town and cities and towns with a population of sixty thousand persons or less according to the most recent United States decennial census may appropriate annually from the general fund an amount not to exceed three-tenths of one per cent of the assessed valuation or in either case forty thousand dollars, whichever sum is the greater, for the purpose of encouraging immigration, new industries and investment in the city or town and for printing and distributing books, pamphlets and maps advertising the advantages of the city or town.

B. The governing body may pay the amount appropriated to the chamber of commerce, board of trade or other commercial organization of the city or town to be expended for the purposes enumerated in this section.